Insider Selling: Semtech Co. (NASDAQ:SMTC) CFO Sells $177,755.50 in Stock

Semtech Co. (NASDAQ:SMTC) CFO Mark Lin sold 2,990 shares of the company’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $59.45, for a total transaction of $177,755.50. Following the completion of the transaction, the chief financial officer now owns 5,446 shares in the company, valued at $323,764.70. This represents a 35.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Mark Lin also recently made the following trade(s):

• On Friday, January 3rd, Mark Lin sold 1,359 shares of Semtech stock. The shares were sold at an average price of $65.15, for a total value of $88,538.85.
• On Tuesday, December 17th, Mark Lin sold 6,114 shares of Semtech stock. The stock was sold at an average price of $65.74, for a total value of $401,934.36.

Semtech Trading Down 1.1 %

NASDAQ SMTC opened at $66.96 on Monday. The firm’s fifty day simple moving average is $65.80 and its two-hundred day simple moving average is $49.69. The firm has a market capitalization of $5.07 billion, a P/E ratio of -5.13 and a beta of 1.65. Semtech Co. has a 12-month low of $18.72 and a 12-month high of $79.52.

Semtech (NASDAQ:SMTC) last announced its earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.03. The company had revenue of $236.80 million for the quarter, compared to analyst estimates of $232.89 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. The firm’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.02 EPS.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SMTC. Piper Sandler reissued an “overweight” rating and set a $75.00 price target (up previously from $60.00) on shares of Semtech in a research report on Tuesday, November 26th. UBS Group assumed coverage on shares of Semtech in a report on Friday, January 17th. They set a “buy” rating and a $85.00 target price on the stock. Northland Securities boosted their price target on shares of Semtech from $60.00 to $66.00 and gave the company an “outperform” rating in a report on Tuesday, December 10th. B. Riley increased their price objective on shares of Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Needham & Company LLC boosted their price objective on shares of Semtech from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Semtech currently has an average rating of “Moderate Buy” and an average target price of $71.09.

Institutional Trading of Semtech

A number of institutional investors have recently bought and sold shares of the stock. Whale Rock Capital Management LLC purchased a new stake in shares of Semtech during the third quarter valued at $32,126,000. Victory Capital Management Inc. grew its stake in Semtech by 130.7% during the 3rd quarter. Victory Capital Management Inc. now owns 824,198 shares of the semiconductor company’s stock valued at $37,633,000 after purchasing an additional 466,868 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Semtech by 198.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 414,801 shares of the semiconductor company’s stock valued at $18,940,000 after purchasing an additional 275,717 shares during the period. WCM Investment Management LLC purchased a new position in shares of Semtech in the fourth quarter worth about $15,180,000. Finally, Wellington Management Group LLP acquired a new stake in shares of Semtech during the third quarter worth about $10,556,000.

About Semtech

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor and advanced algorithms. It provides signal integrity products, including a portfolio of optical data communications and video transport products used in various infrastructure, and industrial applications; a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications; and video products for broadcast applications, as well as video-over-IP technology for professional audio video applications.